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INTRODUCTION
The chapter deals with a basic introduction about management education system in
India and worldwide. It also gives a brief scenario of the recent trends in the
management education in India. The chapter also mentions the changes that have
taken place over a period of time in management education system.
In the modern economic scenario all over the world- Management as a stream of
education and training has acquired new dimensions. Management is an exciting field
where you can have an immediate impact on the operations of any business. The field
of Management is dynamic in nature. New tools and techniques are continually being
introduced to improve the efficiency, productivity, and profitability of any
organization. All organizations and their departments, functions, or groups use
Management methodologies, which include problem solving techniques and
guidelines for various related activities.
1.1 Management Education: The Global Scenario
Global competition is changing the relationship between management education and
business. The efforts for building leadership pipelines in organizations have
intensified in the last five to six years (Conger & Fulmer 2002). Continuous changes
in both technology and economic systems, along with the speed of change, require
executives to be engaged in a constant learning process. Management education has
become a major profession that attracts considerable attention across the world.
Evidence of this is the inception of a new journal: Academy of Management
Learning and Education by Academy of Management in 2002. Though the market
has been growing, there have been attempts to assess the adequacy of efforts at
various points of time. This part is divided into three sections:
1) Market for management education;
2) Some introspective attempts reported so far;
3) Directions in which it is moving.
1.1.1
There is little doubt that business education is big business across the world. It is
estimated that the global corporate education and training market is around US$65
billion. The global management education market is estimated to be US $22 billion
(Friga, Bettis and Sullivan 2003). It is growing at about 10-12 percent per annum. US
is the largest market. About 900 American Universities offered masters in business
(Pfeffer and Long 2002). Since the market is lucrative and entry costs are relatively
low, there is continuous growth and new entry. As competition is increasing the
reputed schools are globalizing and branding their products. This is likely to see a
reputation and brand driven growth. Although the general value chain of business
schools has remained relatively unchanged over the past 50 years, business schools
have created some unique characteristics in their value chain that have molded their
strategies over time. The sources of value creation are branding and niche creation. At
the same time corporations are intensifying their efforts for management
development. The number of corporate universities is on the increase.
1.1.2
The first management education program started at MIT in 1931. The second was at
Harvard, dating back to 1943. The first review of business education that has been
reported in the public domain was from University of Pennsylvania in 1931
(McFarland 1960). This report stated that schools of business should establish a
genuine discipline to be credible. Carnegie Foundation brought out a report on
management education in 1959 (Pierson 1959). This report stated that schools of
business have changed very little since the 1931 report of Bossard and Dewhurst.
They have failed to identify and establish a genuine discipline characterized by its
own body of subject matter, its own theoretical problems, its own research and its
own methodologies (Pierson 1959). It raised key questions concerning the role of the
management department among the traditional groupings in schools of business. As a
way out, it suggested that sub-disciplines should grow, leading to specialization.
Management faculties should not cling too closely to the historical traditions of the
In the same year a joint effort by AACSB and EFMD appeared (Dymsza 1982),
known as: Managers for the XXI Century. This study represented the first
comprehensive initiative to make management education more relevant for the future
since Carnegie Corporation and Ford Foundation established standards for
professional management education in schools of business in 1959. The major
recommendations of the joint AACSB and EFMD study were:
Management Schools should provide an education that combines both
generalist and specialist components.
Management Education should be much more holistic in character. It needs to
be more integrated incorporating a number of functional, quantitative, nonquantitative and analytical fields including the humanities and sciences to
educate the whole manager to meet the responsibilities and challenges of the
future.
Management schools, thus, should aim to develop future managers with a
portfolio of capabilities quantitative, computer and other analytical skills,
functional knowledge and communications, interpersonal, bargaining,
negotiation, entrepreneurship, administration and other non-cognitive skills.
Management education involves a lifetime process a continuum of
learning with self teaching and initiative beyond the business school, work
experience, on-the-job training, and management at the corporate level and
possibly refurbishment of management knowledge at business schools at least
once during a career.
Management schools should teach more effective environmental scanning and
analysis which is particularly important for domestic and international
business
A closer partnership should be developed between educators and managers in
the future.
Management schools should strive to develop experiential courses in creativity
and managerial innovation.
As knowledge and action are inseparable, we have to educate wisely and well those
who will manage critical institutions of our world (Dymsza 1982). Two studies
(Wexley and Baldwin 1986, Keys and Wolfe 1988) appeared on management
5
to
further
the
understanding
of
processes
and
consequences
of
essential element of accreditation as it will induce faculty to learn and evolve. One of
the criticisms of accreditation process is that schools with client relationship and
otherwise are not differentiated. It became evident that broad-basing accreditation,
and creating levels within, may be the best mechanism for continuous improvement.
1.1.3 Trends In Management Education
After the media first introduced ranking system for business schools in 1988, business
schools appeared more proactive in making changes, although they focused primarily
on product tinkering, packaging and marketing. Subsequent to this, the popularity of
MBAs rose. Global competition, emergence of consulting business and Internet based
transactions are changing the product offerings in management education. The trends
of evolution of management education indicate that knowledge creation is becoming
more student based (Friga, Bettis and Sullivan, 2003). This will usher in a variety of
changes, including, paradoxically, a trend towards closer interaction among industry,
students and faculty. E-learning and computer based learning packages are making
inroads slowly. A recent study has concluded that although the creation of knowledge
will always be an important mission for business schools, other organizations are
developing more formal management programs and creating knowledge; this may
cause a shift in strategy as schools become more focused on gathering and sharing,
rather than on creating knowledge. It is important to recognize that knowledge
creation is taking place not only in ivory towers, but also in corporate boardrooms.
Computer based tools and technologies are being used for themes where content is
crucial. On the other hand, themes that is rich in tacit knowledge such as leadership,
entrepreneurship and multicultural sensitivity experiential contexts are being
generated for bringing teaching closer to real life. Thus, business schools are focusing
more on gathering and sharing new knowledge. Many niche organizations and global
consulting firms are increasingly becoming the source of management knowledge
creation. It is clear that management education will emerge as one of the main foci of
higher learning, as service economy takes precedence over other segments. Three
roles are getting differentiated, viz., management knowledge creation, knowledge
gathering and knowledge sharing. This will change the face of management education
further. A recent study on management education has shown that there will be a
fundamental shift in business school product offerings away from traditional MBA
10
schools in the United Kingdom now offer distance MBA programs. In 2007, ESCEM
became the first French Business School to offer their own distance or online MBA.
Accreditation standards are not uniform in Europe. Some countries have legal
requirements for accreditation (e.g. most German states), in some there is a legal
requirement only for universities of a certain type (e.g. Austria), and others have no
accreditation law at all. Even where there is no legal requirement, many business
schools are accredited by independent bodies voluntarily to ensure quality standards.
1.3.2 Germany:
Germany was one of the last western countries to adopt the MBA degree. In 1998, the
Hochschulrahmengesetz (Higher Education Framework Act), a German federal law
regulating higher education including the types of degrees offered, was modified to
permit German universities to offer master's degrees. The traditional German degree
in business administration was the Diplom in Betriebswirtschaft (Diplom-Kaufmann;
Master's degree equivalent) but since 1999, bachelor's and master's degrees have
gradually replaced the traditional degrees (see Bologna process). Today most German
business schools offer the MBA. Most German states require that MBA degrees have
to be accredited by one of the six agencies officially recognized by the German
Akkreditierungsrat (accreditation council), the German counterpart to the USAmerican CHEA. The busiest of these six agencies (in respect to MBA degrees) is the
Foundation for International Business Administration Accreditation (FIBAA). All
universities themselves have to be institutionally accredited by the state (staatlich
anerkannt).
1.3.3 United Kingdom:
The UK based Association of MBAs (AMBA) was established in 1967 and is an
active advocate for MBA degrees. The Association's accreditation service is
internationally recognized for all MBA, DBA and Masters in Business and
Management (MBM) programs. AMBA also offer the only professional membership
association for MBA students and graduates. UK MBA programs typically consist of
a set number of taught courses plus a dissertation or project.
12
1.3.4 Australia:
In Australia, 42 Australian business schools offer the MBA degree. Universities
differentiate themselves by gaining international accreditation and focusing on
national and international rankings. Most MBAs are one to two years full time. There
is little use of GMAT, and instead each educational institution specifies its own
requirements, which normally entails several years of management-level work
experience as well as proven academic skills.
Ratings for Australian MBAs are carried out by the Graduate Management
Association of Australia, which publishes an annual Australian MBA Star Ratings.
1.3.5 Japan:
Being the second largest Economy in the World, Japan has many universities offering
MBA programs. The quality of universities and higher education in Japan is
internationally recognized. Many Japanese Business schools offer Full time MBA
programs, Part Time MBA programs, and E-Business Management.
Japan has about three million students enrolled in 1,200 universities and junior
colleges and is consequently the second largest higher educational system in the
developed world. Japan also has one of the largest systems of private higher education
in the world. The 710 odd universities in Japan can be separated into 3 categories:
highly competitive, mildly competitive and non-competitive (the schools that are firsttier being the most infamously difficult ones to enter).
MBA in Public universities are generally more prestigious than their private
counterparts with only 25 percent of all university-bound students being admitted to
public universities. The Public universities such as Nagoya University, University of
Tsukuba, Kyushu University, Kyoto University offer Management studies and
Business Administration and are the oldest and most prestigious universities in Japan.
of changes of management education has been the influence of thought leaders. They
brought in new concepts and new perspectives that enriched management education.
Porter introduced the diamond of competitiveness [Porter, 1980]. This helped in
conceptualizing the sources of competitiveness in firms as well as in industry.
Prahalad and Hamel [1990] brought in the concept of core competence and this has
been used widely. The third major thought leader in management has been Senge.
Senge emphasized the role of learning. It plays a major role in developing and
implementing strategy [ Senge 1990 ]. The next major contribution was emotional
intelligence [Goleman 2004]. The movement by Goleman led to rationalize feeling
and emotive or intuitive aspects in a western cognitive frame rather than a
European/Oriental existential and simultaneous frame of reference. These provide for
richer frameworks that are more integrative and provide new insights for decision
making.
There have been serious criticisms about the current management education pattern,
both in US and in Europe. Mintzberg has been one of those who argued for significant
changes. Some of the major concerns and the manner in which they are being
addressed are dealt with in this section.
Mintzberg stated in his book that MBA prepared people to manage nothing.
Synthesis, not analysis is the very essence of management. Mintzberg finds fault with
the emphasis that many MBA programs place on frenetic case studies which
encourage people to come up with rapid answers based on meager data. This has lead
to the question are business schools teaching the right things? Today, business
schools face more competition and more criticism about the quality of their work,
than they have ever done before. This is leading to fundamental changes in the
structure of the business school market and perhaps in what schools teach and how
they teach it. In the US, about 25% of all masters degrees are MBAs. Business
schools need to change their perception that the enhancements of their students
careers are measured mostly in terms of salary.
Most of the business schools have moved away from public funding. MIT and
Stanford derive their funding from endowments. Columbia, INSEAD and IMD derive
their income from executive education. Kellogg focused on customized programs,
made students a priority and preferred teamwork. Kellogg has a stable model and it
14
continuously changes its core curriculum. The current downturn has lead to a shake
out of weaker and less established providers, but in the long term, executive education
will remain a lucrative market. Good business schools are continuously innovating.
Oxford gets back its erstwhile students while at work, for interaction with faculty for
short periods. This model has been admired by many. MIT has announced a major
change in the Sloan Fellows Program by giving greater emphasis on technology,
innovation and entrepreneurship. Minimum requirement for this program is ten years
of work experience. The program will be a flexible one, with three months stay and
the remaining spread over a longer period. On the other hand, Goizueta Business
School, at Emory University in Atlanta increased the University Business
interaction through field trips and client interactions. Through this model, it has been
able to react in a very practical way to the shrunken job market. Goizueta Business
School helped the students by being more flexible in choosing where, and in what
field, they work.
INSEAD responded to the demand by pricing its Executive MBA at a lower level. It
also started a new campus at Singapore. INSEAD began as an independent school
with corporate help with strong focus on teaching. In the 1990s, it began devoting
more time to research and putting more emphasis on research when professors come
up for tenure. 65% of the revenue of INSEAD came from executive education
program with the market in both Europe and America shifting away from open
program towards custom designed ones. INSEAD is building a partnership with
Wharton and sending faculty members to American corporate sites.
The intense competition, coupled with the changing market, has forced most business
schools to look at cooperation among the schools themselves. Business school
business school partnerships, and business school industry partnerships are
increasing. MIT and BP have started a cooperation project, with MIT providing the
leadership inputs. Top business schools are specializing and customizing their
program and curricula, as well as changing the sources of their income. Many
business schools are attempting to use executive MBAs as a source of major revenue.
Different business schools have different approaches for giving a new thrust for
management education. Some more innovative approaches to management education
are discussed here. As technology, globalization and the post New Economy are
15
changing the paradigms of business, business graduates coming out today must be
critical thinkers on an international scale in order to make insightful decisions across
multiple disciplines. MBA at McGill has taken a new direction to enhance the
educational experience. It draws on strengths of the existing programs, provides a
strong international perspective, and focuses on interactive teamwork and an
integrated approach to study. The approach attempts to maximize interaction and
critical thinking in the classroom. It considers true leadership as engaging, not
heroic. According to Mintzberg: The attainment of knowledge and the enhancement
of competencies are important, but we wanted our program to go beyond these, to
help people become not just more effective managers but wiser human beings more
thoughtful, more worldly, more engaging. The thrust of MBA is called E3:
Enhancing the Educational Experience.
Leicester Business School redesigned its MBA in 2003. The uniqueness of the
program is that it links the teaching and research strengths of the Business Schools
with the business experience of participants. The MBA commences with an induction
program covering the fundamentals of management education. This leveling program
will facilitate participants from both business and non-business backgrounds to attain
equivalence in their knowledge base. The MBA will lead with core modules that
broaden and critically examine key business and management of fundamentals. The
integration of the core modules is achieved through a module called Strategy in a
complex environment. The integration is achieved by pulling together the strategic
management skills within the core modules, equipping participants with the ability to
think conceptually and holistically. One of the innovative elements of this MBA is the
flexible approach to learning that allows students to switch between the modes of
study. The MBA students have to undertake either a full-length research based on
dissertation or a shorter in-company problem that could demonstrate real life
problem-solving capabilities.
Although MBA rankings have forced business schools to pay closer attention to what
its students want, Kellogg is still the standardsetter. Kellogg has devoted time to
deepen its links with potential employers. Secondly, Kellogg continuously changes its
core curriculum. The new system allows students to specialize sooner, making them
more useful to employers. In the MBA they have moved up the courses on leadership
and ethics to the fore. A class on Leadership in times of crisis once optional, is now
mandatory. And there is a new core course on Business in its social Environment.
Given the striking ethical failures of some recent corporate leaders, business schools
are making a big deal of their improved offerings on leadership and ethics. Business
schools are focusing on promoting ethical leadership. Columbia aspires to discuss
ethics in every course, rather than teach ethics separately. University of Marylands
business school now takes students to visit whitecollar criminals in prison.
There has been focus on both what they teach and how they teach. Innovative designs
and innovative delivery methods are the order of the day. University of Marylands
R.H Smith School of business has been using a minimum security facility as a
training ground for its MBAs. The program involves a visit to the prison and speaking
to the executives about the ways in which deadlines and other pressures within
companies can spawn ethical lapses. The objective of a program like this is stated as:
We want executives to have a look at what can go wrong, and if and when that
happens, what that would mean and where you would end up if you fall into various
traps. To dramatize these traps, the program organizers use role playing exercises in
which participants can experience what punitive reaction to such ethical lapses is
like. The topics covered include crisis communications coaching, instruction in the
effects of corporate incentives on ethics, and social responsibility lessons.
The innovations in content delivery have been on themes that cannot be learned in a
class. Through pure instruction, Harvard Business School developed a new way of
teaching negotiations. The program is designed with a broad objective of learning to
understand the thought processes involved in negotiation, to compare rational and
intuitive decision making strategies, and to identify common mistakes made by even
the most experienced professionals. The program draws on some of the most
advanced concepts from the emerging areas of behavioral economics, behavioral
decision research and behavioral finance. Negotiating takes many forms. Auctions are
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Fuqua School of Business at Duke University joined hands with business school at
Seoul National University, for exposing students to the realities of globalization.
On the whole, business schools are bringing together various bundles of experiences,
situations and contexts including cultural sensitivities to bring management education
closer to the practice of management.
1.5 History
The first graduate school of business in the United States was the Tuck School of
Business, part of Dartmouth College Founded in 1900, it was the first institution
conferring advanced degrees (masters) in the commercial sciences, specifically, a
Master of Science in Commerce degree, the forebear of the modern MBA degree.
In 1908, the Graduate School of Business Administration (GSBA) at Harvard
University was established; it offered the world's first MBA program with a faculty of
15 plus 33 regular students and 47 special students.
The University Of Chicago Booth School Of Business first offered working
professionals the Executive MBA (EMBA) program in 1940 and this type of program
is offered by most business schools today.
In 1946, Thunderbird School of Global Management was the first school to offer an
MBA program focused on global management.
In 1950, the first MBA degrees awarded outside the United States were by The
University of Western Ontario in Canada, followed in 1951 with the degree awarded
by the University of Pretoria in South Africa. The Institute of Business
Administration, Karachi in Pakistan was established in 1955 as the first Asian
business school by the Wharton School of the University of Pennsylvania. In 1957,
INSEAD became the first European business school to offer an MBA program. In
1986, the Roy E. Crummier Graduate School of Business at Rollins College (Florida)
was the first MBA program to require every student to have a laptop computer in the
classroom. Initially, professors wheeled a cart of laptops into the classroom.
19
The MBA degree has been adopted by universities worldwide, and has been adopted
and adapted by both developed and developing countries.
Specialized Schools;
Pursuant to the above recommendations of the National Working Group, the AICTE
Bill was introduced in both the Houses of Parliament and passed as the AICTE Act
No. 52 of 1987. The Act came into force w.e.f. March 28, 1988. The statutory All
India Council for Technical Education was established on May 12, 1988 with a
view to proper planning and coordinated development of technical education system
throughout the country, the promotion of qualitative improvement of such education
in relation to planned quantitative growth and the regulation and proper maintenance
of norms and standards in the technical education system and for matters connected
therewith.
The purview of AICTE (the Council) covers programmes of technical education
including training and research in Engineering, Technology, Architecture, Town
Planning, Management, Pharmacy, Applied Arts and Crafts, Hotel Management and
Catering Technology etc. at different levels.
1.11.2 The Organization
In accordance with the provisions of the AICTE Act (1987), for the first five years
after its inception in 1988, the Minister for Human Resource Development,
Government of India was the Chairman of the Council. The first full time Chairman
was appointed on July 2, 1993 and the Council was re-constituted in March 1994 with
a term of three years. The Executive Committee was re-constituted on July 7, 1994
and All India Boards of Studies and Advisory Boards were constituted in 1994-95.
Regional Offices of the Ministry of Human Resource Development, Government of
India, located at Kolkata, Chennai, Kanpur and Mumbai were transferred to AICTE
and the staff working at these offices were also deputed to the Council on foreign
service terms w.e.f. October 1, 1995. These offices functioned as secretariats of
Regional Committees in the four regions (East, South, North and West). Three new
Regional Committees in southwest, central and northwest regions with their
secretariats located at Bangalore, Bhopal and Chandigarh respectively were also
established on July 27, 1994.
The AICTE has its Headquarters in New Delhi which has the offices of the Chairman,
Vice-Chairman and the Member Secretary and is presently housed in a building
having a covered area of 38542 sq. ft. located in Indira Gandhi Sports Complex,
Indraprastha Estate, New Delhi. The present building is taken on lease from the
28
Sports Authority of India. The Government of India has allocated 5 acres land in the
campus of Jawaharlal Nehru University, New Delhi, for constructing the
administrative and other buildings of the Council.
The AICTE comprises of nine Bureaus, namely:
Faculty Development (FD) Bureau
Undergraduate Education (UG) Bureau
Postgraduate Education and Research (PGER) Bureau
Quality Assurance (QA) Bureau
Planning and Co-ordination (PC) Bureau
Research and Institutional Development (RID) Bureau
Administration (Admin) Bureau
Finance (Fin) Bureau
Academic (Acad.) Bureau
For each Bureau, Adviser is the Bureau Head who is assisted by technical officers and
other supporting staff. The multidiscipline technical officer and staff of the Council
are on deputation or on contract from various Government Departments, University
Grants Commission, academic institutions etc.
1.12 AIMA
The All India Management Association (AIMA) was created as an apex body of
professional management with active support of the Government of India and
Industry in 1957. AIMA is a group- a body to pool management thoughts in the
country, a forum to develop a national managerial ethos, an orgnisation to facilitate
the furtherance of the management profession in the country. AIMA is a federation of
Local Management Associations (LMAs). AIMA today affiliates 58 LMAs across the
country and two Co-operating management associations i.e. Qatar Indian
Management Association and Mauritius Management Association.AIMA has
established close linkages with over 3000 institutions and over 30,000 individual
29
activities
include
Distance
management
Education,
management
a school wise approach first. Accreditation could facilitate both specialization and
research focus. The accreditation should include assessing the mission of the schools
and its own strategic plan for upgrading the curricula and developing the teachers.
Though recognition is predominantly a government function, accreditation has to be
linked to the richness of the offering and the process orientation of the business
schools, and that can best be performed by a professional body. Accreditation has to
be a continuous process and it has to lead to continuous improvement in quality.
These changes could help in bringing a certain degree of competition among the
business schools. The prerequisite for changing management education is a consensus
based approach to accreditation in association with major stakeholders. One of the
major changes taking place in management education is increased customization of
programmes. Accreditation has to consider the extent of customization of
programmes. In the Indian context, if accreditation has to lead to real improvement in
management practices in real life, it has to encompass commerce education since it
has a much broader base, and a larger coverage.
the circulation of the special issues containing ratings but also fetches them huge ad
revenues.
After AICTE was set up, approvals were granted to a variety of institutions to run
post graduate programs. Due to the time pressure the process adopted by AICTE was
not fool proof. As a result some of the approved institutions did not even have bare
minimum facilities such as faculty, library, building, computers etc. The need to have
a proper accreditation process was badly felt at that time. AIMAs attempt to
implement an objective accreditation mechanism did not bear fruit. Many b-Schools
with little or no capability had received accreditation from AICTEs National Board
of Accreditation. Although AICTE had a well defined accreditation process on paper.
But when it came to implementation, questions were raised. As a result AICTE drew
flak from experts in management education all over the country. The need to have
some objective and impartial B-School rating was felt at this stage.
This opportunity was seized by Prof Dharani Sinha, whose consulting firm
COSMODE was pioneer in launching the b-school ratings in 1998, with Business
Today as the media partner. After COSMODE did the first ranking with Business
Today magazine, other ranking agencies/ and publications also jumped the
bandwagon in course of time.
schools, but globally such exercises have been undertaken for decades. The first ever
b-school ranking was done by Columbia University in the US in 1972.This was more
of an academic standard evaluation. This pioneering effort used two different types of
data. Factual information on research /publications by the faculty members of the bschool under scanner and Perception-based evaluation by the Deans about b-Schools.
Columbias ratings were followed next year by yet another university -Georgia State
University, albeit with a modified criteria. GSU added two new factors -the
curriculum of the b-school and more importantly the employability of its graduates.
We have not seen so far any academic institution taking up the cudgels to undertake a
rating exercise as happened in US. Media dominance of evaluation /ranking in India is
also based on international pattern. Even in the US the b-school ratings was taken
32
over by the media. Prominent among them are: Business Week (BW), Financial
Times, U.S. News & World Report, the Wall Street Journal Since 1986, BW had
conducted surveys, every two years, of graduating MBA students and recruiters to
create a customer satisfaction scorecard. US News and World Report launched its Bschool ranking exercise in 1990, Asia Inc in 1995, Financial Times in 1999, Forbes in
2000, and Wall Street Journal in 2001. The methodology used, parameters and the
weights allocated in these surveys are different. The ratings therefore are drastically
different from each other.
33
Started
Business
1986
Every
years
Week
Annual
World Report
40% DeansSurvey
35% Graduates Employability / starting salaries,.
25%Studentsacademic quality ( GMAT Scores included)
Asia Inc
1995
Annual
Financial
1999
Annual
Times
Forbes
2001
Every
years
34
35
centered learning and adequate library and computer support. The issue is to change
the bottom rung of 70 % of the institutions that are located away from metros/cities.
37
Schools. The issue is how to make B-Schools implement such an agenda. This may
require a strong monitoring system and statutory reporting on the lines of SEBI, for
corporate governance in listed companies.
Bringing in Specialization
There are some business contexts specific to India. The issue to be examined is how
one could bring in an element of specialization so as to enhance the relevance of
management
education.
For
example,
agricultural
services,
infrastructure
NGO and ITES are rapidly growing areas in business. These businesses need
customized management education. Curricula customization, specific material
development and faculty specialization are some of the neglected factors that led to
poor quality management education in India. Though some B-Schools have
introduced MBAs focused on telecom, financial services and infrastructure
management, there have been very little efforts on customization. On the other hand,
materials prepared for other contexts are being directly used without examining the
contextual validity.
Inculcating Values
Pfeffer and Fong of Stanford Graduate School of Business have brought out some
lessons from the US experience on business schools. B-Schools in U.S. face a number
of problems, many of them as a result of offering a value proposition that primarily
emphasizes the career enhancing, salary increasing aspects of business education as
contrasted with the idea of organizational management as a profession to be pursued
out of a sense of intrinsic interest or even service. These arise from a combination of a
market like orientation to education coupled with an absence of a professional
ethos. The issue in India is to make B-Schools create greater impact by focusing on
values and ethics as the guiding principles.
41
Many multinational companies attracted by India's "open door policy, adopted due
to economic liberalization and globalization, have recently set up their branches and
offices in India. These companies, during campus placement and recruitment, have
shown a preference for candidates with postgraduate management degrees.
Several companies have raised the entry-level qualification itself to post-graduation
with specialization in management. This is being done to ensure availability of
candidates with better skills and knowledge and also to filter out the large number of
applications they receive for every job that they advertise for.
Many students feel that a postgraduate qualification, particularly in management,
will provide them with special skills like good communication abilities, ability to
work in teams, leadership quality and exposure to current trends in business and
commerce, thus enhancing their employability.
Factors
Goodwill of the institute
Quality Admissions
Good Placements of the students
Research & Consultancy
Healthy Academic Environment
Promotions & Rise in Payscales
Personal Knowledge Enhancement
Recognition in the society & industry
Research & Post Doctoral Studies
Better Job Opportunities
Self Satisfaction
Strong Knowledge Base
Practical Orientation
Experiential Learning
Personality Development
Career Guidance & Counseling
Higher Jobs & Pay scales
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